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Tag Archive: Financial Reform

Financial reform regulation held up by its own creators

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Last night’s vote by the Senate to end the debate on S. 3217, Restoring American Financial Stability, failed 57-42 with two majority party senators voting no; we'll be following the proceedings as events warrant on Sunlight Live.

Senate Majority Leader Harry Reid, D-Nev, planned to end the debate yesterday, preventing any more amendments from being added to the bill, and moving forward with final debate and a vote on the bill itself. Reid will instead have to attempt cloture once again--most likely later today.

Among the Democrats who dissented were Sen. Maria Cantwell, D-Wash., and Sen. Russ Feingold ...

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Shelby smells a rat in S. 3217

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Sen. Richard Shelby, R-Ala, doesn't believe the financial reform bill the Senate began debating today will actually regulate the large financial organizations whose risky actions threatened the entire economy in 2008. Instead, the ranking member of the Senate Banking Committee sees the bill as something that will further institutionalize bank bailouts in the future.

Shelby noted that many large financial firms -- like Goldman Sachs and Citigroup -- have expressed support for the legislation. “(Large financial firms) know that the bill will bring them and Wall Street firms like them under the Federal safety net where they will get preferential treatment ...

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Sen. Lincoln’s proposed reform moves to the Senate floor for debate

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The financial reform legislation regarding derivatives voted 13-8 out of the Senate Agriculture Committee this morning and on to the Senate floor. It’s intended to fend off any future government bailouts and prohibit the risky behavior banks participate in that caused the 2008 financial meltdown. But of course, the very organizations that these new laws will affect are using their money and expertise to influence the lawmakers in charge of making reform happen.

The proposed bill, introduced by Sen. Blanche Lincoln, D-Ark., is planned to be folded into the bill Sen. Chris Dodd, D-Conn., proposed this week on financial ...

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